Real Estate in Northeast Florida and Around the World

I recently attended the National Association of Realtors Conference and Women's Council of Realtors national meetings, where I was able to meet and get to know many new real estate professionals from not only around the United States, but also around the world.  Building my network of professionals is an important piece of providing excellence in service to my customers.  Continuously building my knowledge of customs, cultures and processes from not only around the States, but around the world is a requirement.   Why?

Having a profession in providing real estate services in Florida means I have to be prepared to acknowledge customs and cultures from around the world.  Florida is the #1 state into which foreign nationals invest in real estate.  Understanding why they invest here, what is interesting to them and having an understanding of their culture are all key elements to having a successful relationship and meeting my foreign customers' needs.  

Not all customers who are looking to invest in real estate will end up purchasing in Florida.  Some may decide to look at other or multiple areas - which is why it is important to have a vast network of professional Realtors on which I can call.  I do not like sending my customers to a name in a phone book - or from a Google search.  I want to have confidence that my business partner on the other end will handle my customer as I would, providing professional services with focus, integrity and efficiency when I am not able to do so myself.  If I have questions about a particular area with which I may be unfamiliar, I want to trust the information that is being provided to me.  This is where my network comes in.  Whether it is other real estate professionals, attorneys or tax professionals, building this network not only locally, but nationally and internationally is critical.

What I continue to do is make sure that the neighborhoods I serve are not foreign to me - and as we are all learning that the world is flat - so are the neighborhoods that are being sought after.  My job is to be knowledgeable about those "neighborhoods", have well-placed partners who I trust to not only provide me with information and data, but to trust my customers with should the market that my customer be targeted outside of the area that I can readily and legally service.  My extensive travels across the United States and across the oceans have helped me to achieve a great understanding of foreign customs and cultures.  My extensive international real estate education will help you to avoid the pitfalls of investing in an area that is unknown to you.

So, whether you are a foreign national looking to invest in USA real estate, or a U. S. citizen looking for international property, come see me and let me show you my "neighborhood" and introduce you to my "neighbors".  You will be glad you did.

See you around the neighborhood!

The market data for Northeast Florida foreclosures and short sales - also called "distressed properties", for the month of October was recently released by the Northeast Florida Association of Realtors.  Overall, sales for Lender-mediated sales increased 80.1%  when compared to closed sales of lender-mediated transactions of October 2008.  Wow.  As much as we realize that many of these homes had previous occupants with less than fortunate circumstances, it is good for the overall health of the real estate market and local economy that these homes have new owners.  Many of these homes were purchased by first-time home buyers, who are infusing our local economy with their newly received $8,000 tax credit.  From buying lawn mowers, curtains, paint, appliances, etc., to purchasing holiday decorations, the cash registers are ringing at our local retailers.  And, they will begin to care for these homes, improving the overall look and value of the neighborhoods in which they are located.

What is also interesting to see is where the concentration of inventory homes are for sale, which will require Lender mediation to seal the deal.  Some neighborhoods boast less than 5% of the homes are in distress, while other neighborhoods have greater than 50% of their inventory listed as distressed sales.

If you are interested in seeing specific information regarding distressed properties and the impact on the neighborhood in which you live, or may be interested in living, please visit the "Market Data" page of my website, located on the side toolbar.

Whatever neighborhood in Northeast Florida you are interested in, I work there - so keep an eye out and give me a wave when you see me.  See ya around the neighborhood!

Congress has passed and the President of the United States has signed into law an extension and expansion of the Home Buyer Tax Credit that was included in the Stimulus Act earlier this year.  This is a big "woohoo" for most home buyers and sellers, the economy and communities.

The bill extends the $8,000 tax credit for first time home buyers, and it also makes available a tax credit to home buyers who currently own a home and have lived in their current residence for at least five years.  The credit for these home buyers will be capped at $6,500.

Income levels for qualifying for the credit will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples, to $125,000 and $225,000 respectively.  Above those limits the tax credits will be reduced based on income tiers.

The National Association of Realtors has pushed strongly for the extension of the tax credit, as well as the expansion to a population of the move up buyers.  Some critics of this legislation have claimed that the tax credit has moved sales that would have occurred sooner or later to an earlier date and that, when the credit finally does go away, the market will experience another severe downturn.  From my perspective this is conjecture and not factual. Dealing with the actual buyers and recipients of the tax credit, it was the tax credit that got those buyers off the fence and over the fears of buying a home in an economic downturn.  And might they have bought sometime down the road?  Probably - but why is it a bad thing that they buy now, when prices and interest rates are at historical lows?  Oh, and lets not forget that these buyers actually QUALIFY for the loan programs - credit standards have never been tighter.

Lets face it - a tax credit is a tax credit.  One side of the aisle wants tax credits for businesses to allow that tax credit money to be used to employ people, who will then spend the money.  Maybe, if they actually use the money to employ workers, and even then it would be a long time for that trickle down to be felt.  The buyers I work with, friends and relatives who have been able to receive the tax credit, have all put the money right back into the economy.  Instantly.  They are buying home goods - furniture, blinds, curtains, lawn mowers, appliances, paint (and brushes) and flooring - and having work done to their homes, hiring local contractors and putting them to work.  And this is happening all over the country.  I am not sure that a business tax credit would have such an immediate impact on the local economies as has been experienced - and proven with data - throughout the second and third quarters of this year.  Guess who are not hiring laborers and investing in homes?  Banks who are sitting on foreclosed properties (although a few of them are getting smart and fixing some of these homes up).

I also agree that the extension period is long enough.  The economy is beginning to show signs of life again.  If the tax credit would not have been extended and expanded, the housing industry would have gone back into hiding - and my buyers told me as much.  The more qualified buyers that we are able to put into houses - the inventories will continue to decline and the money will continue to be put into the economy throughout the important holiday season and typically sluggish (in the housing market) first quarter.  This will keep the economy a bit of a helping hand, and by the second quarter, it should be moving along nicely without much assistance, taking us solidly into the third quarter.

So, let's cheer this bit of legislation and recognize that while a lot of the Stimulus, TARP and other government money wasn't a great idea, this one is.

See ya around the neighborhood!

Many people believe that a home inspection is not necessary for new construction.  However, a home inspection can and has uncovered serious issues that are difficult to rectify satisfactorily with the builder after the transaction has closed.

Most buyers believe that since the builder is providing warranties on construction, the inspection is a waste of money.  Here are a few examples of defects uncovered by home inspectors:

• Leaking pipes behind walls - while the builder's warranty may require the leak to be corrected, what about the damage to your flooring and furniture, not to mention the aggrevation of having contractors come in and do the repair work.
• Ground Fault Interrupt Circuitry not working properly
• HVAC unit constantly tripping the circuits due to defective wiring
• Hot water tanks that are defective
• Construction debris in the bathtub drain pipe

See what I mean?  These are things that a quick final walk through with the builder's site superintendent just before you go to closing, you will most likely not see.  These are just a few examples of concerns that can be present but that a qualified home inspector can uncover.  So - save a little money up front, or a lot of money later - it is always your choice.  My advice - go for the saving money up front - in the long run, you will be a much happier home owner!

See ya around the neighborhood!